Employers based in high-risk areas in London can now gain group life cover after group risk specialist, Lutine, secured capacity in areas that were previously unavailable including EC3 and other sensitive London postcodes.
The firm's cover is underwritten by Lloyd's and will be available in areas such as Canary Wharf, where cover has, up until now, been difficult to obtain.
Up to £100m for each group life scheme is available, and free cover limits of up to £1m per individual will be considered.
Capacity is, however, limited, and will only be available on a first-come first-served basis, according to Lutine.
Commenting on the announcement, Shaun Murphy, marketing manager at the firm, said: "We are always looking for gaps in the market. We came across this spare capacity and decided to go for it. As far as we are aware, no one else has cover in these areas at this moment in time."
He added that there was definitely a market for cover in high-risk areas: "We've already had several large enquiries".
Commenting on Lutine's move, Sue Elliott, partner at Watson Wyatt, confirmed demand: "It is quite difficult to gain cover in these high-risk areas."
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